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An Alarming Trend in Sales
“I have good news and bad news.”
It’s a common phrase. We all use it. Have you ever noticed the bad news overshadows the good news?
With that said, our latest meta-analysis revealed good news and bad news. Over the past year, I gathered data from clients across multiple industries: distribution, biotech, manufacturing, and financial services. This ongoing study helps clarify sales challenges and uncover training opportunities.
Good news first: Differentiation is no longer the top challenge facing salespeople. Accessing the high-level decision-maker isn’t the top challenge, either. For seven years, Tom Reilly Training has tracked this data, and those two challenges have alternated at the top.
Now for the bad news…
The number one challenge currently facing salespeople: creating more value.
Expectedly, during this same time—as sellers struggle to create more value—they also struggle to hold the line on pricing. Salespeople are more reliant on discounting than at any other time throughout the history of this study. In fact, 78% of salespeople will rely on discounts to win business. If you struggle to create value, discounting seems like the only option.
In recent months, various client calls revealed a common challenge: communicating value. Bear in mind, these clients are from different industries, selling different products, and even different countries, but their comments are nearly the same.
- “My sellers struggle to communicate how we add value.”
- “My team cannot fully communicate our value proposition.”
- “Our customers are largely unaware of our value.”
Is it really about communicating value or something deeper? What if sellers struggle to communicate value because they don’t create enough value to communicate?
In our groundbreaking best-sales-practices study, we identified ten characteristics of top-achieving salespeople. We interviewed over 600 customers to identify these characteristics. In our latest edition of Value-Added Selling, we provide an in-depth analysis of top achievers and how they create personal value. Here is an abbreviated list to help you create more personal value like a top achiever.
Knowledge
Do you study your opportunities? Do you study your craft? Do you study the industries in which you sell? Top achievers do. Customers want to work with knowledgeable experts. In fact, “knowledgeable” was the most common descriptor of top achievers.
The more you learn, the more value you create. If you’re not spending two hours per week studying, you’re missing an opportunity to create more value.
Results Oriented
Top achievers get things done. When nobody else has inventory, top achievers find it. When customers need something pushed through, top achievers take care of it. Top achievers focus on results, enabling customers to achieve their goals.
Top achievers abide by the mantra, if it is to be it is up to me. Top achievers understand how to get things done internally. They understand the internal workings of their company. And they apply pressure, when needed, to get things done for the customer.
Problem Solvers
Top achievers don’t look for projects to quote, they look for problems to solve. Top achievers explore problems like an investigative journalist. They ask questions, conduct research, and expose problems. Oftentimes, top achievers inform customers of a problem they didn’t know they had.
In our training seminars, salespeople often say, “Well, it’s hard to find problems to solve.” With this attitude, no wonder it’s hard to find problems to solve. Problems aren’t always easy to find or obvious to solve. That’s why most salespeople give up.
The key is opening your eyes—problems have a funny way of hiding in plain sight. Salespeople are often blinded by their own ambitions. What if you approached an opportunity with the mindset of solving problems versus selling products?
Creating value is the outcome of thinking like a value creator. Value-added sellers don’t just act differently, they think differently. Value-added sellers focus more on making a difference for the customer, not just making a deal.
Now, imagine approaching every call, email, and presentation completely focused on helping the customer achieve their desired outcomes. If you truly thought this way, would you find new ways to create more value? If so, it’s time to stop looking for a new skill set and start building a new mindset.
Speaker, sales trainer and author Paul Reilly will present "Value-Added Selling with CoachVA.ai" Finding Success in Conflict Resolution” on Sunday, Nov. 9 from 8:30-10 a.m. and again from 10:30 a.m.-Noon.
Paul Reilly, is a speaker, sales trainer, author of Selling Through Tough Times (McGraw-Hill, 2021), coauthor of Value-Added Selling, fourth edition (McGraw-Hill, 2018). For additional information on Paul’s keynote presentations and seminars, call 636-778-0175 or email Paul@ReillySalesTraining.com. Visit www.TomReillyTraining.com and sign up for the free newsletter.